ED attaches Mallya’s property worth Rs 1411 crs

MUMBAI: The Enforcement Directorate (ED) on Saturday attached properties of the liquor baron Vijay Mallya, worth 1,411 crore, in the IDBI Bank loan default case.

“We have attached properties worth Rs 1,411 crore of Vijay Mallya and UB Limited under the Prevention of Money Laundering Act,” said an ED official. The assets under “provisional attachment” included bank balance of 34 crore, a flat each in Bengaluru and Mumbai (2,291 sqft and 1,300 sqft respectively), an industrial plot in Chennai (4.5 acres), a coffee plantation land in Coorg (28.75 acres) and residential and commercial constructed areas in UB CITY and Kingfisher Tower in Bengaluru.

The attachment of properties is in connection with the 900 crore loan fraud with the IDBI Bank.

Mallya, whose defunct Kingfisher Airlines owes more than 9,000 crore to various banks, left India on March 2.

The agency registered a money laundering case against him and others based on an FIR registered last year by the CBI. It is also investigating financial structure of the Kingfisher Airlines and possible payment of kickbacks to secure loans.

Credits ET Realty

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